Bill Text: TX SB1280 | 2021-2022 | 87th Legislature | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to certain provisions of The Securities Act for which a person offering or selling a security may be held liable to a person buying the security.

Spectrum: Bipartisan Bill

Status: (Passed) 2021-05-15 - Effective on 1/1/22 [SB1280 Detail]

Download: Texas-2021-SB1280-Comm_Sub.html

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By: Hancock S.B. No. 1280
(In the Senate - Filed March 9, 2021; March 18, 2021, read
first time and referred to Committee on Business & Commerce;
March 31, 2021, reported favorably by the following vote: Yeas 9,
Nays 0; March 31, 2021, sent to printer.)
Click here to see the committee vote

A BILL TO BE ENTITLED
AN ACT
relating to certain provisions of The Securities Act for which a
person offering or selling a security may be held liable to a person
buying the security.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 4008.051(a), Government Code, is amended
to read as follows:
(a) A person who offers or sells a security in violation of
the following is liable to a person who buys the security from the
offeror or seller:
(1) Section 4003.001(a), [4003.002, 4003.003, or
4003.004; Subchapter B, Chapter 4003, other than Section
4003.054(b)(1); Subchapter C, Chapter 4003, other than Section
4003.103(b); Section 4004.001,] 4004.051, 4004.052, 4004.101(a),
[or] 4004.102(a), [;] or [Section] 4007.103;
(2) Subchapter G, Chapter 4003, other than Section
4003.304, or a requirement of the commissioner under Subchapter G,
Chapter 4003, other than Section 4003.304; or
(3) an order under Section 4007.101 or 4007.104.
SECTION 2. This Act takes effect January 1, 2022.
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